515 N Alfred St West Hollywood , CA 90048
Pending
$6,650,000
18 Units
33 Beds
32 Baths
18,524 Area(sq.ft.)
15,919 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 4 | 1 | 1 | No | $ 1,619 | $ 6,477 | $ 10,000 |
| Unit 2 | 13 | 2 | 2 | No | $ 2,214 | $ 28,778 | $ 42,900 |
| Unit 3 | 1 | 3 | 2 | No | $ 4,500 | $ 4,500 | $ 4,500 |
| 3 | 18 | 33 | 32 | $ 39,758 | $ 404,522 | $ 602,200 |
| MLS #: | 24-469965 |
| Days On Market: | 4 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 359 |
| Price per unit: | $ 369,444 |
| Year Built: | 1961 |
Property Details
We are pleased to present 515 N Alfred St, a rare 18-unit apartment building in the heart of West Hollywood, a highly desirable area in Los Angeles, California. Built in 1961, the property consists of (4) one-bedroom + one-bathroom units, (13) two-bedroom + two-bathroom units, and (1) unique owner's penthouse, with three-bedrooms + 2 bathrooms, and breathtaking views. Located on a charming, tree-lined street, the building is 18,254 gross square feet and sits on a 15,919-square-foot lot. Residents enjoy unparalleled access to world-class dining, retail shops, and entertainment along the renowned Sunset Strip and Santa Monica Blvd, with Beverly Hills and Hollywood just minutes away. This prime location ensures excellent connectivity via La Cienega Blvd and Santa Monica Blvd, offering both lifestyle and convenience. The building's resort-style layout offers an inviting atmosphere, perfect for tenants seeking a luxurious living experience. With lovely, responsible tenants in place and easy maintenance features, this property promises a hassle-free investment. It presents a value-add investment opportunity, offering a 4.22% initial CAP rate with the potential to achieve 7.04% once units turnover. Don't miss your chance to own a piece of this thriving community where culture and sophistication meet.***Unit 209 was occupied by the Seller through an Owner Occupancy Eviction around May 2017. This unit will be delivered Vacant at close of escrow. Please contact agent for details regarding Owner Occupancy Evictions in the City of West Hollywood.Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
| Vacancy Rate: | 11% |
| Gross Operating Income: | $ 479,454 |
| Total Annual Expense: | $ 184,705 |
| Net Operating Income: | $ 280,365 |
| Gross Annual Income: | $ 479,454 |
| Cap Rate: | 4.22% |
| Gross Rent Multiplier: | 13.87 |
Structure
| Type of Units: | Apartments |
| Buildings: | 1 |
| Levels: | Two |
Land & Parking
| Zoning: | WDR3C* |
| Parking Garage: | Covered Parking |
Interior
| AC/Cooling: | Window Unit(s) |
| Equipment: | None |
| Heating: | Other |
Exterior
Detailed Map
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